Published on: 25/11/2022

Gold Fur BAYC NFT sold for nearly $1 million amid crypto winter

Despite a winter in the crypto market, Bored Apes Yacht Club (BAYC), the most popular non-fungible token (NFT) collection in cryptocurrency, sold the NFT Gold Fur Bored Ape #232 via the secondary market on Thursday for 800 ETH or approximately $927,000.

A well-known pseudonymous collector who goes by the name Keungz bought the tokenized profile picture (PFP) from Deepak Thapliyal, the CEO of web3 infrastructure company Chain.

This Gold Fur Ape is one of the incredibly rare avatars, ranking 324th out of 10,000 NFTs, according to Rarity Tools data. Golden fur is only found in about 0.5 percent of apes.

Bored Apes are typically valued based on their attributes, with the laser eyes, crown and golden fur traits being the most desired.

Keung’s total cost makes it the most expensive Bored Ape NFT purchased in quite some time, surpassing the Brotherly Gold Fur Ape #5853, which recently sold for 777 ETH.

“Thanks @dt_chain [Thapliyal] for the good deal⚓️,” Keung wrote on Twitter.

The Chain CEO is an established NFT collector, having paid CryptoPunk #5822 for 8,000 ETH or $23.7 million at the time for a single NFT earlier this year. After FTX’s demise impacted his company, he tweeted that he would sell his rare NFTs but later took down those tweets.

Many Bored Ape NFTs have plummeted in value, including one bought this year for $1.3 million in ETH by musician Justin Bieber, which is currently only worth about $69,000.

The most recent Bored Ape sale to exceed $1 million happened on October 1, when Bored Ape #8585 sold for 777 ETH or $1.02 million. ETH was approximately 13 percent more valuable at the time.

The Bored Apes gained momentum as a result of Keung’s purchase. Average BAYC sales went up by 29 percent in the last seven days, according to NFT Price Floor.

Furthermore, the lowest sale increased by 34 percent. Bored Ape sold for 35 ETH. It is substantially more than the cheapest Bored Apes NFTs sold for 1-2 ETH in secondary markets instantly after FTX collapsed.

The sale of BAYC #232 was followed immediately by the purchase of BAYC #1268 on November 24 between two unidentified wallets for 780 ETH, nearly $940,000 at the time of the transaction.

NFTs aren’t dead yet.

Data from DappRadar and Dune show that overall NFT sales have been declining, with sales in the secondary market equaling $700 million in October, in contrast to $5.36 billion in January.

BAYC Collection Ethereum NFTs have been demonstrating a dominant position in the NFT market, keeping it active.

Over a month, the BAYC and CryptoPunk Collection ruled the rankings, garnering over half a million USD. Furthermore, the volume of transactions in the BAYC collection accelerated by more than 45 percent in the last 30 days. More than $36 million in trades were finalized during this period, with 473 traders and 392 sales.

The NFT market is still struggling to recover from the FTX scandal. Despite that, the Bored Apes NFT is gaining more popularity than ever. KINGSHIP, the first metaverse network band of Bored Ape NFT avatars, is about to release its debut album.